The figure represents the lowest level of annual inflation since 2017
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Thanks to the successful economic program of the Government of Javier Milei, annual inflation in 2025 stood at 31.5%, the lowest level in the last 8 years, after the Consumer Price Index (CPI) recorded a 2.8% increase in December, according to data released this Tuesday by the National Institute of Statistics and Censuses (Indec).
The figure represents the lowest level of annual inflation since 2017 and consolidates a disinflation process that, according to analysts and private projections, will continue during 2026.
The official report indicated that, despite a slight acceleration in the last month of the year driven by seasonal factors, inflation dynamics maintained a downward trend in the annual aggregate.
Javier Milei.
In December, some divisions showed increases above the overall average. "The division with the largest increase in the month was Transportation (4.0%), followed by Housing, water, electricity, gas, and other fuels (3.4%). The division with the greatest impact on the regional monthly variation was Food and non-alcoholic beverages," Indec stated in its release.
The close of 2025 confirms a sharp slowdown compared with previous years. The 2024 CPI had been 117.8%, which had already implied a significant decline compared with the 211.4% recorded in 2023, the last year of the government of Alberto Fernández and Cristina Kirchner.
In this context, the 2025 figure reinforces the downward trend in inflation, even taking into account the inertia and the serious inflationary legacy inherited by Milei's Government in December 2023.
Javier Milei, en su jura como presidente.
Beyond the annual result, expectations for the coming periods continue to be closely monitored by the market. The latest Market Expectations Survey (REM) estimates that inflation for all of 2026 will be 20.5%, which would imply a new slowdown compared with the year that has just ended.
From the Executive Branch, President Javier Milei has expressed optimism regarding the future path of prices. The head of state projected that by August 2026 monthly inflation in Argentina would begin with the digit zero, in line with the official objective of moving toward full price stability.
This way, the close of 2025 with inflation at 31.5% constitutes a major achievement, as it stands as the lowest annual reading in the last eight years and lays a foundation for projections for the coming periods.
